SEC Drops OpenSea Probe, Signaling Softer Crypto Stance
The U.S. Securities and Exchange Commission has reportedly closed its investigation into OpenSea, signaling a possible shift in its approach to crypto regulation.
Bloomberg reported that the NFT marketplace is no longer facing potential enforcement action, just as it moves forward with its OS2 platform rollout and plans for a SEA token airdrop, which will include U.S. users.
The decision follows the SEC’s recent move to drop its case against Coinbase, raising speculation that the agency may be re-evaluating its stance on crypto-related enforcement. Last August, OpenSea had received a Wells notice, a formal indication that regulatory action was being considered. However, with a new administration in place, the SEC appears to be recalibrating its regulatory position.
Under Acting Chairman Mark T. Uyeda, Commissioner Hester Peirce—known for her opposition to aggressive crypto enforcement—has been appointed to lead a task force focused on developing updated industry guidelines. Reports suggest Peirce’s team has been engaging with firms previously targeted by the SEC, including discussions on niche regulatory matters such as staking ETFs.
READ MORE: SEC Set to Dismiss Coinbase Lawsuit, Marking a Major Shift in Crypto Regulation
Airdrops, a regulatory gray area under the previous administration, have been a particular point of contention. Lawmakers had previously urged the SEC to clarify its stance, arguing that the uncertainty was detrimental to U.S. investors.
OpenSea had previously pushed back against claims that NFTs on its platform constituted unregistered securities, with CEO Devin Finzer calling the SEC’s approach an overreach that threatened artists and creators. The agency’s decision to close the case mirrors past instances where it backed away from enforcement, including its dropped investigations into Paxos’ stablecoin and Ethereum’s transition to proof-of-stake.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
